Student loan relief or paid vacation? These workers get a choice

Starting next year, U.S. employees at insurance company Unum Group will have a choice: The company will put money toward their student loans, if the worker gives up five paid vacation days.

The new perk is a creative twist on an increasingly popular benefit. Confronted by a tight labor market and ever more indebted applicants, about 4 percent of big companies surveyed by the Society for Human Resources Management say they’re helping their employees repay their loans with cash payments of up to $250 a month.

The deal for Unum’s 8,500 workers, though, is different: Cash for debt in exchange for unused vacation days.

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About Unum Group

Unum Group is a leading provider of financial protection benefits in the United States and the United Kingdom and the leading provider of disability income protection in the world. Its businesses are Unum US, Colonial Life, Unum UK, and Unum Poland. Unum’s portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs. The company reported revenues of $11.6 billion in 2018, and provided $7.2 billion in benefits. 

 

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